The marquee at Margie's Candies in Chicago's Logan Square neighborhood glows brightly in 2013. The building the ice cream parlor occupies has been sold but it will remain a tenant for at least 15 years, the new building owner says.

The marquee at Margie's Candies in Chicago's Logan Square neighborhood glows brightly in 2013. The building the ice cream parlor occupies has been sold but it will remain a tenant for at least 15 years, the new building owner says. (Anthony Souffle / Chicago Tribune)

The "hipster highway" and an ice cream parlor that has been around for almost 100 years go well together, a Chicago real estate investor is betting.

Margie's Candies has called a building in the quickly gentrifying Logan Square neighborhood home since 1921, and a recent sale of the building, announced Friday, won't mean a change of address. The family-owned Chicago institution will remain a tenant for at least 15 years, the property's new owner said.

Outpost Development and Baum Revision, both based in Chicago, acquired the Mil-West building at 1965 N. Milwaukee Ave., a stretch of road sometimes called "Hipster Highway" due to its heavy bike traffic.

Margie's has signed a new lease and will remain in the building for at least 15 years and has options to extend the lease, Baum principal Scott Goldman said Monday.

"A lot of what's going on in the culture is an appreciation for local concepts and businesses, especially ones with unique identities and souls," Goldman said. "Despite that the business is old and perhaps can use some degree of renovation, it is a neighborhood staple that has been there a long time."

Margie's "in lot of ways has held the community together through good times and bad times," Adam Radcliffe, Outpost managing principal, said Monday. Although it's a relatively small tenant, occupying about 1,200 square feet, "we feel like Margie's anchors this project."